Will buying a new car help.

[merlotwaytogo]

Will buying a new car (having a payment each month) help me if I file for chapter 7. I am just above 10k over the means test for CT. My lawyer said a lot of people buy a new car before filing chapter 13 but after reading the posts it looks like chapter 13 is five more years of this misery.

[soleprop]

i dunno....depends on the condition of your current vehicle. your credit will take a hit and it will be hard to get a good interest rate after you file bk; so if your current vehicle won't make it 2-3 more years, i guess getting a new(er) one now is a good idea. nothing extravagant though! trustees hate that stuff (or love it, depending on your perspective).

i wouldn't go out and buy a car just to try to spend some disposable income down; are you sure you've listed all of your current/projected expenses?

think dental, home repair, auto maint/repair, insurance upgrades, etc.

[albacore44]

I consulted a straight BK attorney with 30 years experience in my county, and he said I made to much money for a 7. he told me son, you need to buy a car (wink wink) so i did buy a new one 2 weeks ago. He said with my other car being almost paid off the trustee would require a step plan ch 13 payback. well i don't think I did a good enough job presenting my expenses to him, but now when I take the online means test , i pass by a wide margin with no disposable income. anyway, I'm waiting 6 months or more to file. with the election less than a week away, who knows what the politicians will do to help those of us in hot water

[vermontbloke197]

I consulted a straight BK attorney with 30 years experience in my county, and he said I made to much money for a 7. he told me son, you need to buy a car (wink wink) so i did buy a new one 2 weeks ago. He said with my other car being almost paid off the trustee would require a step plan ch 13 payback. well i don't think I did a good enough job presenting my expenses to him, but now when I take the online means test , i pass by a wide margin with no disposable income. anyway, I'm waiting 6 months or more to file. with the election less than a week away, who knows what the politicians will do to help those of us in hot water

If you think Politicians will help people like us out of hot water, forget it though I dare say that if B.O. gets into office, bankruptcy courts will be overflowing when he brings us the next depression with his tax and spend plans.......Joe the Plumber for President!!!!!!!!!!!!!!!!

[DaisyMae]

Obama is a threat- he voted FOR the last BK reform.

But having a car payment will help on the means test if you are over median, for sure. You can also try buying a more expensive health insurance premium, for example, to pass the means test if you fail it solely on excess income.

[merlotwaytogo]

Buying life term life ins. and disabilty

I am also thinking about buying term life for my husband and myself. My husband could use disbility too. Is that a good expense to use?

[DaisyMae]

Life insurance is not listed as allowed expense on the means test.

But is it listed on Scehdule J....

[merlotwaytogo]

Thanks or the help.